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Stock Market Literally Overshadows Bitcoin Gains - What Does This Mean For Crypto?

Stock Market Literally Overshadows Bitcoin Gains - What Does This Mean For Crypto?

Cryptodnes2024/06/16 18:25
By:Cryptodnes

Bitcoin's good streak in early 2024 has definitely turned sour, so there are still fears that the crypto market will face a reduction in momentum.

First, BTC peaked at nearly $74,000 earlier this year, and spot exchange-traded funds (ETFs) for Bitcoin partly earned their approval. In the second quarter, his performance was rather sluggish, after which the halving event gave some impetus.

The price of the leading cryptocurrency has declined this quarter, while the prices of stocks and bonds have risen. Bloomberg hard , that global equities, fixed income and commodities outperformed Bitcoin, which was down about 5%.

The difference between the growth of traditional assets and that of BTC indicates that the crypto market may slow down in the future as traditional stock market players continue to report positive returns while BTC lags behind.

Stock Market Literally Overshadows Bitcoin Gains - What Does This Mean For Crypto? image 0

READ MORE:
Donald Trump takes aim at Joe Biden and says the future of Bitcoin will be made in the US

Regarding Bitcoin's sluggish performance, one can also read Noel Acheson's newsletter ” Cryptocurrencies have become a macro market". According to the document, the majority of ETFs may not be purchased by new investors, but rather “they pay” with their already owned BTC tokens. As a result, the price may increase.

Demand for Bitcoin products is the main focus of JPMorgan Chase strategists' analysis written by Nikolaos Panigirtsoglu. The products have so far attracted net flows totaling about $15 billion, according to Bloomberg.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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